James Frost's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2021
Question
James Frost of The Australian Financial Review noted that Westpac appeared to be lagging peers in the runoff of loan deferrals and asked about the underlying reasons for this.
Answer
CEO Peter Francis King explained that the higher deferral balance was a direct result of a deliberate choice not to contact customers over the Christmas holiday period, leading to deferrals being extended into February and March. He expressed confidence that the vast majority would roll off by the end of March, aligning with peers.